Centennial State News

Colorado collected $464 million in individual income taxes during the first quarter, an 81.4% decrease from the fourth quarter of 2023, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

The previous quarter's individual income tax revenue was $2.5 billion.

Individual income taxes are based on net personal income and taxes imposed on such income as dividends, interest, and income from intangibles.

In addition to detailed tax revenue data from each state, the Quarterly Summary of State and Local Government Tax Revenue includes an estimate of state and local government tax revenue at a national level.

The Census Bureau cautions that it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments.

Overall, Colorado collected $2.8 billion in combined tax revenues in the first quarter, a decrease from the $4.9 billion collected in the previous quarter.

Type of Tax	Amount (millions)
Sales and Gross Receipts Taxes	$1,749
Individual Income Taxes	$464
Corporation Net Income Taxes	$365
License Taxes	$157
Other Taxes	$22

Source: U.S. Census Bureau